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Trust key to wider adoption of digital finance: stakeholder

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A BDO official said gaining the public’s trust is key to the wider adoption of digital financial services and greater financial inclusion.

MANILA - A BDO Unibank official stressed on Tuesday the importance of gaining the public’s trust in order to widen the adoption of digital financial services in the Philippines and, ultimately, to promote greater financial inclusion.

Tancongco said this may be because there are still many Filipinos who are not confident in using digital financial platforms. He said this is why they continue to put up more physical branches and reach out to communities while also improving their online banking services.He added that during emergencies, there has to be someone on the ground who can dispense cash. NextPay Co-Founder and COO Artie Lopez, who was also part of the panel, said that the growing number of financial crimes has also made both consumers and establishments more wary.

Apart from the lack of trust, Lopez also cited interconnectivity issues as a barrier to fintech adoption.

 

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